[ANN][OC] Orangecoin ★★ POS ★★ Anon Transactions ★★ Masternodes

[Halofire]

Another thought, how will masternodes get paid once the cap is reached? A portion of the transaction fees with remainder given to the stakers since PoS won‘t be paying a set amount?

[Specialkey]

Ok, I've been asked "what is a masternode?". I'll try to explain, but I don't have 100% of the concept yet, feel free to correct me where I may be wrong.


To know what a master node is, you have to know what a regular node is. A regular node is a computer that serves as a blockchain dispensary, where you can download the blockchain from and where miners get the info to mine (check transactions). The nodes issue the blocks to us when mining or staking or for other features that issue blocks. Wallets are ledger keepers, Miners are ledger checkers, and Nodes are the issuer of the blocks.

A master node is a permanently selected computer (server?) that stays online and get paid for (a form of) staking. I'm not exactly sure how this works because I have no "hand's on" experience in this department. Master nodes require a certain amount of coin determined by the code and/or dev, to be invested for long periods on time, which I think is the same as a longer staking time like when you can't access your coins when your coins are staking. Master nodes require that you have DDOS protection, you will be targeted for an attack at some point. If the dev's are 'hosting' the Masternodes for a fee, we wouldn't need to worry about if we need equipment or ddos, but then is more centralized. Masternodes are supposed to be a more more decentralized version of the few 'selected' regular nodes, this is how I think the anonymous feature works in respect like what Bitorrent did for Napster.
 
Masternodes require a little bit of luck to be paid. Master nodes need to be selected to by the miners sending back the info of checking transactions for the masternodes to issue a block. More masternodes, the harder it is to get picked. When your masternode gets picked, that's when you get paid.

Again, I'm sorry if I don't have the concept down to a science yet like how I know the other features of this coin like the back of my hand, and please please please correct me if I'm wrong. I don't like to mis-inform people.

You did a pretty good job explaining, However the masternodes are not paid like stake or PoW. They will receive their cut of the coins just for being there to be used. Meaning the reward payout is evenly divided among the total number of masternodes. With maternodes they just need to be there to be used. The number of masternodes that will exist will be driven by ROI. Meaning if at 1000 MN everyone makes money after cost but at 1001 it is even. Then the group will not go above the amount of MN that makes them nonprofitable any longer.

Exactly was my next concern, too many nodes causes not enough coins per price and possibly not able to get ROI on those nodes. One thing, while it does require $5/month (and equipment?) there is nothing to say the price WILL rise guaranteed to accommodate the costs. 2000 OC will be good if you cap amount of the nodes, as price probably will rise, but I can't base investing or purchasing equipment on speculation. That's gambling. I bought every piece of my rig and asic knowing the ROI would be possible.

You will have to change the specs of the coin regardless due to the feature, I understand that. A community vote would be best for the rest of the crypto world and future investors to swallow since Original Spec coins are very important to investors, creates a trust that the dev wont just change the specs on a whim or based on a feature without consulting the people who make the coin worth what it is by buying and selling. The community doesn't even know how many people are working since now there is at least 3 people on this after we were told it was only 2 and that's not transparent. A coin is a business and transparency is a must. The dev wasn't publicly transparent with the premine either, but I could always vouch for the dev because I knew where at least 65-75% of it was actually spent, and I'm almost 100% sure he's spent well more than the 1 million premine and that's why I never bothered to ask about where the premine went.

You can't just hurt one group of the communities coins who signed up for 20% and expect them to take a 4% loss now in earnings and a 50% loss in earnings 5 years from now. Adding the additional coins to the cap or ending the POS earlier will inflate the currency slightly (10% tops for a reduction of 10% tops in price if you chose to add 20 million coins) which is not detrimental to everyone and spreads the 'losses' more evenly across the entire coin. B and C are the options I'd choose from.

I know you guys thought long and hard, I give ya that credit. But so have I, on the sidelines. These aren't just thoughts I came up with in the last 5 minutes, ya know?

Why do you think the price is 410 when it was trading 500-650 yesterday? the public has spoken, imo. If the feature was that awesome, we'd rally today instead of sell off.

Transparency is a must for a coin in these days.
It is even important to tell the people that masternodes will change their intrests. Voting absolut necessary for trust of investors and holders.
Guys communication is everything and even less is more but proper and clear.
And less tecnical speech  that the normal coinuser can follow.
Masternode 100k to high or what?

THX

[Jim_Rambler]

Ok $5/month is to use the equipment, so that is the cost.

And like I have said your right the community has a voice and we need to revisit the numbers like you have pointed out.

[Halofire]

Ok $5/month is to use the equipment, so that is the cost.

And like I have said your right the community has a voice and we need to revisit the numbers like you have pointed out.

Thanks for listening!

I'm not trying to fight you guys, just presenting what I've been thinking about, making sure I covered everything and what other community members have voiced to me. It's a lot, so I'm voicing everything to you guys to make sure I covered it all. Sorry for redundancies.

[Jim_Rambler]

For sure!! In the end we are doing this for you guys and the coins future!! We want to hear what you guys all have to say. This is a big change no matter how it's done, no 2 dev's could possibly think of it all. And that's where the great community comes and help to look through it all with us.

[Specialkey]

   Welcome to the two 2 new devs   Nice to have you on OC board  

[Halofire]

For sure!! In the end we are doing this for you guys and the coins future!! We want to hear what you guys all have to say. This is a big change no matter how it's done, no 2 dev's could possibly think of it all. And that's where the great community comes and help to look through it all with us.

And there could be options or things we didn't think of, so please community, do your research on masternodes and the OC economics!  Ask questions if you don't know or understand something! Tell us what you think!! OC future is dependent on you!

[Jim_Rambler]

Thank you guys!! I felt with the big news today. It was a good time to have a presents, to help with questions. I'm very excited about Orangcoin!!

[Specialkey]

For sure!! In the end we are doing this for you guys and the coins future!! We want to hear what you guys all have to say. This is a big change no matter how it's done, no 2 dev's could possibly think of it all. And that's where the great community comes and help to look through it all with us.

And there could be options or things we didn't think of, so please community, do your research on masternodes and the OC economics!  Ask questions if you don't know or understand something! Tell us what you think!! OC future is dependent on you!

It is good to know that holders and investors opinions are directly involved in the creation process.

Thanks for clearing up the things. Feel much better now with this knowledgment and new experience from today.

[Jim_Rambler]

For sure!! In the end we are doing this for you guys and the coins future!! We want to hear what you guys all have to say. This is a big change no matter how it's done, no 2 dev's could possibly think of it all. And that's where the great community comes and help to look through it all with us.

And there could be options or things we didn't think of, so please community, do your research on masternodes and the OC economics!  Ask questions if you don't know or understand something! Tell us what you think!! OC future is dependent on you!

Great point!! I should have put this out there before. If you do have something you want to ask me but don't want to put it out there for the whole world to see, please just PM me. If I feel like there may be something in the PM that the group can benifit from. I will keep who privet, but I will post the info so others can learn as well, hearing from someone still learning helps me teach the group.

[fonzerrellie]

great discussion guys, numbers have deff never been my strong suit lol much too many concussions. I definitely get the concept and see how much changing one number in the formula ripple effects through the rest of the coins. thanks for posting all the info for us.

so I guess the main points are... what numbers are going to make the network as stable and secure as possible without negatively effecting the coin holders pos % or coin volume... and provide a little bit of profit to make it worth while for the MN owners.  lol and I know I'm not a tech/number wiz like you guys seem to be (very impressed Halo) So I'll gladly step back and let you guys discuss it more. If the community is happy, then I'm happy.

and yes I was hope'n the price was still hanging over 600 when I woke up today, but we'll gain that ground back in no time, could have been that people hear "update" and they thought "client update" thinking that it was all done and ready to be implemented already. and also could have a lot to do with other coin hype and the lovely volatility off the markets... news/hype comes out about a diff coin and people flock over to buy it and slows down other coins, so probably just a little hiccup

awesome work everyone, new exchange (great comments left on their thread lol they had to add us), awesome tech discussion. I'll try to get some btc's for testing out trading on the new exchange as soon as I can

[Specialkey]

Ok $5/month is to use the equipment, so that is the cost.

And like I have said your right the community has a voice and we need to revisit the numbers like you have pointed out.

Ok no hardware needed. Important point to me.

Is just a setup necessary without checkin a few times a day ?

If so I will setup a few masternodes 

[Jim_Rambler]

Ok $5/month is to use the equipment, so that is the cost.

And like I have said your right the community has a voice and we need to revisit the numbers like you have pointed out.

Ok no hardware needed. Important point to me.

Is just a setup necessary without checkin a few times a day ?

If so I will setup a few masternodes 

Well yes this is one of the benefits to getting amazon or digital ocean. They have the servers in their buildings, with battery back-ups and cooling....

Yes it's for the most part as easy as setting it up, loading the program, closing all the nodes but node 9999 and letting her run.

There are a few steps in there but you get the gist.

Like we said earlier we will put together a nice setup instruction guide for you all.

[Halofire]

The Amazon link in the wiki has parentheses, takes you to a 404. Deleting the  )  will take you to correct site. I tried making account to edit myself, still waiting on confirmation so I can activate my account.  

[Halofire]

ⓄⓇⒶⓃⒼⒺⒸⓄⒾⓃ

Don't forget to vote @ Cryptsy and Mintpal!
https://www.cryptsy.com/coinvotes
https://www.mintpal.com/voting
https://poloniex.com/coinRequest

Come on over to orangecoins.info/forum/ for the latest updates on everything Orange!
Stop by and check out the giveaways, Art contest with BIGGER OC prizes, bounties, OC paid referral program and more...!

We're on IRC! #orangecoindev

Do you have something to add to Orangecoin? A service or merchandise, perhaps?
Inquire with Orangecoin or myself!

[salsero]

The amount of money I lost with this coin is just staggering.

I will stay out for the time being, I don't trust it at all.

I personally hate this coin so much

Come on you could of bought at a 60 sat, or even 200 or 300 it was that for weeks, but let me guess you bought in at 600 after it jumped then corrected. Either way if you hold at 600 this coin will go to 2000-3000 soon. But you sold and you lost.. your problem.

Note! This coin was insane to day trade i started out 16k and day traded to 40k plus bought another 60k cause this coin is awesome.

[Specialkey]

ⓄⓇⒶⓃⒼⒺⒸⓄⒾⓃ

Don't forget to vote @ Cryptsy and Mintpal!
https://www.cryptsy.com/coinvotes
https://www.mintpal.com/voting
https://poloniex.com/coinRequest

Come on over to orangecoins.info/forum/ for the latest updates on everything Orange!
Stop by and check out the giveaways, Art contest with BIGGER OC prizes, bounties, OC paid referral program and more...!

We're on IRC! #orangecoindev

Do you have something to add to Orangecoin? A service or merchandise, perhaps?
Inquire with Orangecoin or myself!

Voting time 

[Specialkey]

The amount of money I lost with this coin is just staggering.

I will stay out for the time being, I don't trust it at all.

I personally hate this coin so much

Come on you could of bought at a 60 sat, or even 200 or 300 it was that for weeks, but let me guess you bought in at 600 after it jumped then corrected. Either way if you hold at 600 this coin will go to 2000-3000 soon. But you sold and you lost.. your problem.

Note! This coin was insane to day trade i started out 16k and day traded to 40k plus bought another 60k cause this coin is awesome.

+1 

[Specialkey]

Ok $5/month is to use the equipment, so that is the cost.

And like I have said your right the community has a voice and we need to revisit the numbers like you have pointed out.

Ok no hardware needed. Important point to me.

Is just a setup necessary without checkin a few times a day ?

If so I will setup a few masternodes 

Well yes this is one of the benefits to getting amazon or digital ocean. They have the servers in their buildings, with battery back-ups and cooling....

Yes it's for the most part as easy as setting it up, loading the program, closing all the nodes but node 9999 and letting her run.

There are a few steps in there but you get the gist.

Like we said earlier we will put together a nice setup instruction guide for you all.

Thx for information 

[cryptoba]

Okay beloved OC community,

So, we will have soon a great asset to our coin. Orangecoin what would be great is a short communication on a few points:

- Decision has to be made on exact future specification of OC ( interest rates and masternodes rates), I understand that a few things should be decided with the community, but then there is a way to discuss things and it has

to be clear, if not there is no point asking the community. Orangecoin you have always made good decision, the community trusts you. So, you could have decided about it.

- A presentation of the new devs and exact team

- Time frame on when Masternode and guide will be released

- Future other plans

We maybe have mentionned already a few things, but it would be a good time to have a clear announcement about all those points.


 
Thank you